Jay-Z's Lawyers Say SEC Investigation Has Become a 'Celebrity Hunt'

Jay Z's Lawyer Calls SEC's Demands to Meet Him 'In Person for an Unlimited Period of Time' a 'Celebrity Hunt'

"The notion that Mr. Carter has unique knowledge of outcome to the SEC in this matter is farfetched, at best; the notion that he has more than a couple of hours' worth, let alone one full day's worth, of such knowledge is fanciful at this point; and insistence that Mr. Carter be compelled to testify for multiple days is nothing short of abusive", the brief states.

The "99 Problems" star hit headlines on Friday, May 4, after he was summoned to appear in a NY court on Tuesday, May 8, to answer questions about the deal he signed with Iconix Brand Group bosses, who purchased the streetwear company for $200 million over a decade ago.

Gardephe disagreed, saying at Tuesday's hearing that the agency had a "legitimate purpose" in seeking to interview Jay-Z.

After two attempts to subpoena Carter for a deposition in which he and his lawyers failed to provide a date for when he would appear for testimony, the SEC resorted to an enforcement action last week.

Alex Spiro, an attorney and partner with Quinn Emanuel Urquhart & Sullivan, LLP, who is representing Jay-Z in the case said that he was "pleased with the decision".

"[Time spent away from preparation] will impair the work of many individuals and entities who are preparing for the tour and will hinder my own work in preparation for the tour". The S.E.C. said that it sent subpoenas to Mr. Carter in November and February but that in emails and phone calls his lawyers said he would not comply unless the testimony was limited to four hours.

"The testimony has been delayed for five months, and I do not intend to tolerate any further delay", Gardephe said.

This past March meanwhile, Iconix announced a $34 million write down of Rocawear that compounds a $169 million write down from 2016.

In new legal papers filed yesterday, Carter's legal rep says his client is actually happy to answer the SEC's questions, but the issue is that investigators want unlimited time with the rapper.

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